Month chart shows candle with Long shadow which suggest a big reversal. But as this is the second Last day of the Month the reversal may not be enough. To turn the Month chart Bullish a Month close above 2100 levels is needed.

June 28, 2016

Crude oil shows bearish clouds at weekly cloud Top. Price need to close and sustain above the weekly cloud for a bigger bounce to happen. Unable to move above the cloud may take price towards 35 levels.

Apple Month chart shows a Descending triangle kind of Price contraction. This pattern will be effective only if the long term trend line shown in month chart gets broken. Till the trend line stays apple bulls are safe.

For the short term strength for bulls only if price moves back above 50 Day SMA

Brexit has given huge gains for Nifty bears. More intraday weakness if stays below 7939 levels. Daily is trying to close below 50 Day SMA Bears need a daily close below this line to extend gains. Price may target the rising support line shown in chart 1 if the weakness continues.

June 15, 2016

Month chart too shows another failed attempt to stay above 2100 levels by bulls. The monthly bearish upper shadow is likely to form again provided bulls do not put up another up move which moves past 2100 levels again.

Hour chart shows a bounce. Bulls need to stay above 2072 and the hourly cloud for a bigger bounce to follow.

Crude oil weekly chart shows a possible inverted hammer or shooting start which can give good gains for Crude oil bears. More confirmation with price action is needed to confirm the bearishness of the candle.

Next level of defence for crude bulls is between 47 and 47.50. One hour chart shows price trying to trend below the cloud. If price continues to stay below hourly cloud the support levels may not held and a bigger correction in crude oil prices is likely to be seen.

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All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."—Jesse Livermore